Get the Most From Social Security

3/23/2015

If you’re like most, you see Social Security as income you worked hard to earn, and you would like to receive it as soon as possible. In many cases, age 62. But we’ve crunched the numbers and have seen that delaying your receipt of Social Security can dramatically increase a person’s benefit during his or her lifetime.

How long should I wait?
Waiting beyond your full retirement age (66 or 67 depending on when you were born) to receive Social Security payments results can be up to an 8 percent increase in your amount each year to age 70 if you were born after 1943. At age 70, you would receive the maximum of amount of money per month.1

You mean I have to keep working?
Not necessarily. Depending on your specific situation, you may be able to stop working and use money from other investments as income while you wait to draw your Social Security.

I don’t think I can wait that long.
There are a variety of reasons why waiting until age 70 might seem too long for you and your spouse. In some cases – a shorter life expectancy due to illness, lack of confidence in the system – waiting simply isn’t a reasonable solution and benefits should be taken as soon as desired.

Other reasons, such as financial challenges, etc. may be able to be addressed, and you may be able to find a way to delay benefits. You’ll need to begin by asking some important questions:

When do my spouse and I plan to stop working?

What will our income need be between ages 62 and 66?

What will our income need be between ages 66 and 70?

What will our income need be at age 70 and beyond?

What other sources of income are already existing?

What is our risk tolerance for investments we could make now to help us reach our goals later?

When you’re ready to begin planning your retirement income, contact your local Farm Bureau agent. He or she can help you create a retirement strategy that fits your needs.

Agent must be a registered representative of FBL Marketing Services, LLC to discuss mutual funds or college funding options.

Health insurance policies vary by carrier & individual and may not be offered through all agents or available in all states. Health insurance is underwritten by a variety of insurance companies not affiliated with our companies.

Long-Term Care and Disability Income insurance policies are underwritten by a variety of insurance companies that are not affiliated with our companies.

IMPORTANT: The information and material contained on this Web site is not an offer to sell or a solicitation to buy any security or any insurance product in any jurisdiction. No security or other insurance product is offered or will be sold in any jurisdiction in which such offer or solicitation purchase or sale would be unlawful under the securities, insurance or other laws of such jurisdiction. Not all products are available in all states. Exclusions, limitations and reductions may apply. This Web site briefly highlights Farm Bureau's insurance policies and their benefits. The contract is contained only in the policy. Farm Bureau products are offered by Farm Bureau agents. For more information about any Farm Bureau product, please contact your local agent or nearest office using the Agent Locator.